YOUNG ADULTS HAPPY, DRIVEN AND OPTIMISTIC DESPITE ECONOMIC CRISIS
While today’s economy has the millennial generation concerned, they are happier than they were two years ago and are enormously optimistic about their futures. According to MTV’s “Living Insights” study from March of 2009, despite today’s economic backdrop, more than 73% of respondents stated they were “very” or “somewhat happy,” up from 66% in 2007. 53% of younger Americans (13-24) think they will or probably will be more successful than their parents, compared with 44% of Americans older than 24.
Setting goals, but setting deadlines, too
Today’s youth are all about setting aggressive deadlines for reaching personal goals for their lives, with 8 in 10 teens stating that they expected to complete most of their largest life goals by the time they are 30, with more than 40% of those surveyed expecting to complete some of these goals by age 20.
High expectations in the face of economic challenges
Rather than feeling hopeless about their futures, millenials feel empowered with 77% reporting they feel control over their financial future. While just over half see their road to employment as slightly more challenging than what their parents faced, they still believe they will make strides with almost 4 in 10 13-24 year olds expecting to own real estate or land by age 30. Additionally, 62% of 13-24 year olds are optimistic about their future, and 69% say “I believe I will have a happy life.”
Overall spending habits and social consciousness
While more than half of 13-24 year olds state that they are looking for ways to balance their spending by cutting back in some areas, teens, specifically, are less likely than adults to make changes in spending habits (6 in 10 say they have not made recent changes to spending compared to only 3 in 10 older Americans).
4 in 10 millenials report maintaining or increasing their spending in social environments such as fast food restaurants or movie theaters. Overall, young adults are less willing than older adults to cut back on sports activities, sporting / concert events, time with friends, videos & DVDs, cellphones, gym memberships, books, video games and music. Rather than being fearful and totally cutting back, they are finding new ways to make purchases and manage their money. 43% of young adults say they have recently shopped sales or clearance items, and 30% say they have recently used coupons of some kind.
Additionally, more than 70% of 13-24 year olds stated that they continue to make product and brand selections towards companies with positive reputations or ethical behavior. Overall, social consciousness within consumerism is growing within younger American audiences. The importance of a company giving back to the community grew 6% to 62% between 2007 and 2009, and a company’s support of a cause personally supported by a respondent increased 6% to 61% over that same time period.
“There’s something inspiring about seeing the level of happiness and aspiration in today’s younger generations,” said Stephen Friedman, general manager, MTV. “When you consider some of the socioeconomic challenges our audience and their families are facing today and how they are responding, you’re certainly given a more positive outlook for the future of our country.”
Music, community & family drive happiness
Millenials are most apt to derive happiness from music, with 86% of 13-24 year olds saying that it makes them happy, followed by friends and family. More than three out of four 13-24 year olds also say that friends have a key positive impact on their overall happiness, which is also evident in their social habits. 75% of the 13-24 audience actively maintains social network profiles, vs. 28% of 35-64 year olds, and 40% have online friends never met in person vs. 18% of 35-64.
While all age groups surveyed reported their friends and socializing online as top stress relievers, almost half (46%) of 13-24 year olds stated that online socialization made them happy, compared with 17% for 35-64 year olds. This continual sense of community drives towards more and more friendships in the future for 13-24 year olds, with only one in five respondents stating that they felt strongly that they would have fewer close friendships in the future.
